Bitcoin

Just In: Nayib Bukele Reveals Layout For Bitcoin City

Just In: Nayib Bukele Reveals Layout For Bitcoin City

Just In: Nayib Bukele Reveals Layout For Bitcoin City

El Salvador President Nayib Bukele first declared his government’s plans to develop an oceanside “Bitcoin City” at the base of a volcano several months ago.

Bukele utilized a gathering of Bitcoin aficionados to promote his initiative, similar to how he used a video message at a Bitcoin conference in Miami last year to announce that El Salvador will be the first country to make the cryptocurrency official tender.

Today, he took to Twitter to reveals layout of Bitcoin City for the first time, including landmarks and an airport. This news comes after Bitcoin hits its lowest level of $30,000 since July last year, and El Salvador’s purchase of 500 Bitcoins amidst the massive dip. El Salvador has been buying Bitcoin since its price began to tumble from all-time highs in 2021, putting the country’s crypto holdings in jeopardy.

Bitcoin City
Bitcoin City
Bitcoin City

Nayib Bukele has previously stated that he aims to keep the city financially afloat by using the cryptocurrency’s surplus income. Bitcoin, in particular.

El Salvador will offer $1 billion in tokenized 10-year notes via Liquid Network via entities like Blockstream to get liquidity. The bonds will pay 6.5 percent annual interest and will create a dividend after five years when half of the entire capital is sold. In other words, it’s a crowdlending mechanism based on the belief that the BTC would continue to rise.

The Bitcoin City is expected to be located near Conchagua, a municipality in La Unión. The only information we have on the project so far comes from several graphic representations of a circular metropolis at the heart of the Conchagua volcano. The sort of urban landscape, city services, land distribution, and urban administration system have not been disclosed.

Bitcoin City will be constructed with the goal of attracting international investment. Residential neighborhoods, malls, eateries, and a port, according to Bukele. Digital education, technology, and sustainable public transit were all mentioned by the president.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Jai Hamid

CoinCu News

Victor

Recent Posts

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

49 minutes ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

1 hour ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

2 hours ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

2 hours ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

2 hours ago

Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024

Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…

5 hours ago

This website uses cookies.